Gulf Stocks: Taqa, Aldar Properties, Al Khaliji, Qatar Fuel
The Dubai Financial Market General Index advanced 0.1 percent to 1,607.34 as of 11:21 a.m. in the emirate. Qatar’s gauge retreated 0.1 percent.
The following stocks rose or fell in the Gulf. Symbols are in parentheses.
Abu Dhabi National Energy Co. (TAQA UH) rose 3.6 percent to 1.45 dirhams, the highest intraday level since Jan 27. The state-run utility known as Taqa said full-year profit advanced to 937 million dirhams ($255 million) from 182 million dirhams a year earlier.
Aldar Properties PJSC (ALDAR UH) dropped 1.6 percent, the most this month, to 1.84 dirhams. Abu Dhabi’s largest developer posted a loss of 12.7 billion dirhams for 2010 after a profit of 837.4 million dirhams a year earlier.
Al Khaliji (KCBK QD) gained 3.9 percent, the most since Jan. 26, to 20.5 riyals. The Qatari lender is continuing talks with International Bank of Qatar for a possible merger between the two institutions, Al Khaliji Chairman Sheikh Hamad bin Faisal Al Thani said. Separately, full-year profit rose to 427 million riyals ($117 million) from 167 million riyals a year earlier.
Qatar Fuel Co. (QFLS QD) rose 3.4 percent to 266.9 riyals, the highest since Bloomberg started tracking the shares in June 2003. The fuel distributor reported a 1 billion-riyal profit in 2010 compared with 870 million riyals a year-ago. The company proposed a divided of 10 riyals a share and one bonus share for every five held.
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